Hyperion Therapeutics Inc., a South San Francisco biotech company developing drugs against metabolic disorders, will seek $57.5 million in an initial public offering.
Hyperion’s filing Friday with the Securities and Exchange Commission is significant because biotech IPOs have been far and few between, especially in the Bay Area, over the past four years.
Hyperion, led by CEO Don Santel, said it would use the net proceeds to fund clinical development, win regulatory approval and launch Ravicti, its experimental treatment for urea cycle disorders and hepatic encephalopathy.
It also plans to use the money to repay up to $22 million of a potential loan from Ucyclyd Pharma Inc., a subsidiary of Medicis Pharmaceutical Corp. (NASDAQ: MRX), over eight quarters, make milestone, royalty and license payments to Ucyclyd and Brusilow Enterprises LLC, and for general corporate purposes.
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